The Democratic Republic of the Congo accounted for 65% of new declared copper reserves identified globally in 2023, according to a report by S&P Global Market Intelligence, Media Congo reported on June 27.
In November 2023, Canadian mining company Vanhoe Mines Ltd. said it had discovered “inferred and indicated resources of 267 million tonnes containing 4.96 million tonnes of copper” at one of its deposits in the Democratic Republic of Congo.
However, the volume of new copper reserves identified in 2023 (7.6 million tonnes) was the lowest since 2019, as global demand continues to grow.
This mismatch between supply and demand is expected to continue until 2050, according to data published by the International Energy Agency.
Achieving a global transition to green energy is expected to require 40.7 million tonnes of copper in 2040, while available supply will be only 14.8 million tonnes of raw copper.
With newly identified copper reserves dwindling in Latin America and demand for copper growing, the Democratic Republic of the Congo is well positioned to emerge as the world’s leading supplier of raw copper, ahead of Chile, which continues to lead the sector.
Source: Rossa Primavera
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